Should The US Stop Producing $100 Notes?

Should the United States stop producing $100 bills? According to Timothy Noah, a senior writer at Slate and contributor to CBS Sunday Morning, thinks so. Here is the report that Noah filed for CBS Sunday morning on April 3, 2011:

While a compelling argument but it is not a viable one. Because the U.S. Dollar is the most stable currency even considering our current economic situation, $100 notes will be hoarded overseas and will continued to be counterfeited. It has been reported that rogue nation states like North Korea have successfully counterfeited the $100 note which is why the Bureau of Engraving and Printing is working on its redesign. Having these note continue in circulation could endanger the U.S.

Further, it is doubtful the European Union will discontinue the $euro;500 note even though it is nicknamed “the Bin Laden.” The EU central bank would love to have the euro become the standard currency, the currency all economies are based. It would give more clout in the world markets and provide more incentives for the EU bankers to convince the worldwide commodity markets to price their goods and trade in euros, not dollars.

It is a different world from 1969 when the U.S. government ceased production of the $500 note. Between new counterfeiting measures and the technology to better investigate criminals, the U.S. Secret Service is better able to bring counterfeiters to justice and work with other law enforcement organizations to stop criminals. It is not a perfect system, but making any move that could lower the U.S.’s financial status with the rest of the world will not be well received in Washington.

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